Japan unlocks strategic oil reserves to stabilize domestic supply

2026-03-24 - 06:50

Shafaq News- Tokyo Japan is tapping its strategic oil reserves to stabilize fuel supplies amid rising global prices, Prime Minister Sanae Takaichi confirmed on Tuesday. In a post on X, Takaichi explained the move ensures the country has sufficient petroleum products to meet nationwide demand. Last week, Tokyo began drawing oil equivalent to about 15 days of private-sector reserves. Japan depends on the Middle East for roughly 95% of its oil imports, leaving the nation highly exposed to supply disruptions. Its strategic reserves, among the largest globally, exceeded 400 million barrels as of December. ホルムズ海峡における航行の安全の確保を含む中東地域の平和と安定の維持は、エネルギーの安定供給の観点も含め、日本を含む国際社会にとって極めて重要です。... pic.twitter.com/ychGb6J1rh — 高市早苗 (@takaichi_sanae) March 24, 2026 International Energy Agency (IEA) member countries agreed on March 11 to release a record 400 million barrels of oil from strategic reserves to offset the surge in global crude prices following the closure of the Strait of Hormuz. On Saturday, US President Donald Trump threatened broad strikes on Iranian energy sites within 48 hours if Tehran does not fully reopen the Strait. The ultimatum was later postponed by five days, citing advanced talks with Iran. Tehran rejected Trump’s claims of negotiations, further warning it could fully close the maritime gateway and target regional energy infrastructure if its power facilities are attacked.